OnePlus has just launched its first smartphone, the OnePlus One. It is constructed from magnesium, weighing in at just 162g, has a recessed bezel round the edges, and some very powerful hardware baked inside.

We're looking at Qualcomm's super-new Snapdragon 801 - a quad-core processor clocked at 2.5GHz, 3GB of RAM, a 5.5-inch Full HD display, 16-64GB of on-board storage, 13-megapixel rear-facing camera backed up by a 5-megapixel up front, a 3100mAh battery and LTE connectivity. The 16GB version will cost just $299, but more surprisingly, the 64GB is just $349.

The smartphone runs Cyanogenmod, with a very flat user interface - but, it's open, as there are customizable themes available. We should expect the OnePlus One to launch in the following countries in Q2: Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Italy, Netherlands, Portugal, Spain, Sweden, Taiwan, UK and the USA.